< img width="1200" height="628" src="https://image.coinpedia.org/wp-content/uploads/2024/08/19172933/Is-Bitcoin-About-to-Explode-Analyst-Predicts-a-69K-Surge-After-Recent-Drop-1200x628.webp" alt="Bitcoin Price Prediction" data-main-img="1" decoding="async" fetchpriority="high"/ >
After a considerable rate rise of over 7% on August 23, 2024, the Bitcoin (BTC) rate has actually been relocating a tight variety. In this continuous debt consolidation, just recently a crypto specialist made a post on X (Previously Twitter) specifying that if Bitcoin rate pertains to the $61,500 level, it would be a supreme chance to purchase the dip.
$61,500 Level Ultimate Buying Opportunity
The factor behind this post on X is the current breakout from the bullish rising triangle cost action pattern. Because the breakout, the BTC cost has actually not yet been retested at the $61,500 level. If BTC does retest that level, there is a high possibility it might skyrocket considerably in the coming days.
Bitcoin Price Prediction
According to skilled technical analysis, BTC looks bullish as it is trading above the 200 Exponential Moving Average (EMA) on a day-to-day amount of time and the current breakout. When a possession trades above the 200 EMA, it suggests that the possession remains in an uptrend.
The Bitcoin cost has actually been combining within a tight variety in between $63,500 and $64,500 levels for the last 3 days. Currently, there are 2 possibilities: if BTC falls listed below the $63,500 level, it might experience a 2.5% rate drop and might retest the breakout level. On the other hand, if BTC breaks the $64,500 level, there is a high possibility it might skyrocket by 5% to the $67,500 level.
Source: Trading View
Purchasing BTC at the retest level might provide a lower entry cost, a tighter stop-loss, and a greater likelihood of an effective breakout.
Market Sentiment and Liquidation Levels
Due to the continuous debt consolidation, BTC’s open interest has actually stayed steady over the last 24 hours, according to the on-chain analytic company CoinGlass. There appears to be no growing interest from traders and financiers.
The short-term belief looks bearish. According to the Bitcoin exchange liquidation map, brief sellers are positioning more bets compared to bull’s long positions. Currently, the significant liquidation levels are near $63,390 on the lower side and $64,890 on the upper side, according to CoinGlass information.
If the belief moves bearish and the BTC rate drops to the $63,390 level, almost $117 million worth of long positions will be liquidated. Alternatively, the belief turns bullish and the cost increases to the $64,890 level, almost $516 million worth of long positions will be liquidated.
Present Market Status
At press time, BTC is trading near the $63,580 level and has actually experienced a rate drop of 1% in the last 24 hours. Its trading volume has actually increased by 20% throughout the very same duration, showing greater involvement from traders.
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